The US stock market drifted to a mixed close on Thursday after several AI stocks veered back up the roller coaster, while Apple shares dropped after the company hiked prices on many of its products.
- The S&P 500 fell 0.73 points, or less than 0.1%, to 7,357.49.
- The Dow Jones Industrial Average rose 71.72 points, or 0.1%, to 51,920.62.
- The Nasdaq composite fell 118.03 points, or 0.5%, to 25,358.60%.
Micron Technology helped lead the market after jumping 15.7%, the
AP reports. The maker of computer memory reported much bigger profit and revenue for the latest quarter than analysts expected, and it gave a stronger growth forecast for the current quarter than Wall Street expected. That helped allay worries a bit that its stock had grown too expensive after coming into the day with a surge of 267% so far this year.
Micron and AI stocks broadly have been under pressure recently because of worries that their profits can't possibly keep pace with the tremendous rallies for their stock prices. But beyond Micron, Qualcomm said late Wednesday that the acceleration of the AI era is forcing it to upgrade forecasts for its own growth in upcoming years. They're the latest signals of the deluge of dollars heading into AI data centers and other investments. Qualcomm said it expects its revenue outside of handsets, including data centers, to hit $40 billion in its fiscal year of 2029, roughly double its prior target. Qualcomm's stock rose 3.8%.
But all the strong demand for computer memory and storage that's driving producers higher likewise means higher prices for customers. Apple on Thursday raised prices for many of its products, including increases of 15% to 20% for Mac computers, according to analysts. Its stock slumped 6.1% and was the single heaviest weight on the S&P 500. SpaceX, meanwhile, fell 1% to drop below $153 for its lowest finish since its debut on the Nasdaq earlier this month.
In the bond market, Treasury yields eased to lessen the pressure on stocks and other investment prices. The price for a barrel of Brent crude oil, the international standard, rose 2.2% to $75.50 Thursday. But it's still well off its highs above $100 caused by the closure of the Strait of Hormuz because of the war, which slowed the global flow of oil. Earlier Thursday, it dropped near its roughly $72 price from before the war. That helped the yield on the 10-year Treasury slip to 4.39% from 4.41% late Wednesday and from 4.56% earlier this month. "As long as gasoline prices trend lower, inflation expectations will likely follow suit," according to Brian Jacobsen, chief economic strategist at Annex Wealth Management.
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